A budget of $7 million has been set by Granges (TSE) for exploration in Canada this year. In addition, the company’s 59% owned subsidiary, Hycroft Resources & Development (TSE), plans to spend a further US$1.5 million on exploration at its Crofoot-Lewis gold mine property in Nevada.
These exploration programs will be overseen by Frederick Felder, Granges’ newly appointed vice- president of exploration. Felder’s most recent position in a 22-year long career in mineral exploration was as executive vice-president of UMEX.
“Mr. Felder will fill a new senior position with responsibility for all aspects of Canadian and U.S. exploration and property acquisitions,” noted Granges President Colin Kaiser.
Granges’ consolidated gold production for 1989 was 102,000 oz., with its share of this production being 68,200 oz.
Hycroft’s Crofoot-Lewis mine was the largest contributor, turning out 82,300 oz. in 1989. As a result of favorable weather during the month of December, Hycroft recovered 21,600 oz. gold for the fourth quarter ended Dec. 31, which was better than expected.
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